The EU has agreed on a price cap for Russian oil as part of its 18th sanctions package.

EU ambassadors are close to finalizing this package, which will include a lower price limit for Russian oil. Currently, EU countries have agreed on a dynamic mechanism to limit the price of Russian oil. The EC previously proposed a floating price cap set at 15% below the average market price for the past three months. If the sanctions are approved, the initial price of Russian oil would be around $47 per barrel and would be reviewed every six months.

Slovakia, which blocked the proposed sanctions, is still awaiting assurances from the EC regarding concerns over plans to gradually cease Russian gas supplies to the EU. However, Bratislava is seeking a compromise on new measures to further cut Moscow’s energy revenues.

Meanwhile, Malta has expressed reservations about the EC’s proposal to introduce a new price ceiling mechanism for Russian oil exports. Malta has a large tanker fleet and its economy is heavily dependent on oil transportation.

The EC announced that EU foreign ministers will discuss the details of the 18th sanctions package on July 15.